Royce & Associates LP Invests $6.06 Million in Inseego $INSG

Royce & Associates LP acquired a new stake in shares of Inseego (NASDAQ:INSG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 405,000 shares of the technology company’s stock, valued at approximately $6,063,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in Inseego in the 2nd quarter worth approximately $28,000. Bank of America Corp DE grew its position in shares of Inseego by 134.3% during the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock valued at $48,000 after purchasing an additional 3,365 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Inseego by 3,087.9% in the second quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock worth $50,000 after purchasing an additional 5,867 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Inseego in the second quarter worth $56,000. Finally, Maven Securities LTD purchased a new stake in shares of Inseego in the second quarter worth $82,000. Institutional investors own 34.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on INSG shares. TD Cowen restated a “hold” rating and issued a $15.00 target price (up from $14.00) on shares of Inseego in a research note on Thursday, January 15th. Wall Street Zen upgraded shares of Inseego from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Lake Street Capital assumed coverage on shares of Inseego in a research note on Monday, December 15th. They issued a “buy” rating and a $17.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Inseego in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $16.50.

Inseego Price Performance

Shares of INSG opened at $11.47 on Thursday. Inseego has a 1 year low of $6.24 and a 1 year high of $18.11. The stock has a 50 day simple moving average of $11.03 and a two-hundred day simple moving average of $12.28. The firm has a market cap of $186.04 million, a P/E ratio of -60.37 and a beta of 1.18.

Inseego (NASDAQ:INSG) last announced its quarterly earnings data on Thursday, February 19th. The technology company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.05. Inseego had a net margin of 0.50% and a negative return on equity of 13.38%. The firm had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. On average, equities analysts anticipate that Inseego will post -0.06 earnings per share for the current year.

Inseego Profile

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.